Skip to main content

West Vancouver lawyer banned from B.C.’s investment market, financial regulator says

BCSC generic

A West Vancouver lawyer has been permanently banned from practicing in B.C.’s investment market after allegedly generating over a billion dollars from illegal stock sales in the U.S.

In a news release Tuesday, the B.C. Securities Commission confirmed Frederick Langford Sharp, along with several associates, was named by the U.S. Securities and Exchange Commission as a defendant in a 2021 civil complaint in federal court.

According to the SEC judgement, it’s alleged that Sharp was the mastermind of a complex scheme from 2011 to 2019.

The SEC said Sharp and his associates “enabled control persons of penny stock companies, whose stock was publicly traded in the U.S. securities markets, to conceal their control and ownership of huge amounts of penny stock and then surreptitiously dump the stock into the U.S. markets.”

It’s said Sharp used various schemes including using offshore trading platforms, encrypted communications, and an accounting system to keep track of his clients’ stocks.

He allegedly generated over $1 billion in gross proceeds from the fraudulent scheme.

However, Sharp did not participate in the civil proceeding and in May 2022, the court entered a final judgement against him.

Sharp was ordered to pay over $50 million in monetary relief.

The BCSC said Sharp is also facing related criminal charges in U.S. federal court.

He has been charged by the U.S. Attorney’s Office with one count of conspiracy to commit securities fraud and one count of securities fraud.

The BCSC said it will be banning Sharp from several acts including trading in or purchasing any securities or derivatives, becoming or acting as a registrant or promoter and engaging in promotional activities on his own behalf.

The BCSC said so far Sharp has not provided any evidence or submissions. Top Stories

9 suspects face charges after Quebec organized crime operation

Nine people appeared in court in Quebec City on Saturday as part of a major operation by the Sûreté du Québec to investigate violent conflicts between independent drug dealers and a group of outlaw motorcycle gangs in the east of the province.

Michigan primary: What to watch as 2024 campaign shifts to the first big swing state

Michigan's presidential primary on Tuesday will offer a serious test of U.S. President Joe Biden's ability to navigate dissent within the Democratic Party over his response to Israel's war with Hamas. The leading Republican in the White House race, former president Donald Trump, is looking for another primary win that would add to his sweep of the early-voting states and move him that much closer to becoming his party's nominee.

Stay Connected